Agriculture Sector is Expected to Dominate the North America Tractor Market by 2028

The rising demand for advanced farming might drive the demand for tractors in the forecast period.

  

According to the TechSci Research report, " North America Tractor Market- By Country, Competition, Forecast and Opportunities, 2028, the market for tractors in North America is projected to experience a positive compound annual growth rate (CAGR) over the forecast horizon. The primary factors that have contributed to this growth are the increasing demand for food, labour shortages, a heightened focus on reducing after-harvest losses, extreme weather events, and the conclusion of free-trade agreements with various countries. Additionally, government initiatives to promote the use of agricultural mechanization to improve the cost and efficiency of crop production have also been a major factor in the growth of the market.

As a small country in North America, Mexico’s agricultural industry contributes about 3.9% to the country’s GDP. As a result, tractors play an important role in the economy of Mexico, especially in rural areas. The Mexican agricultural tractor market is dominated by a few well-known global companies, such as John Deere (DE), AGCO (AGCO), and CNH Industrial (CNH). These companies offer a wide range of agricultural tractors, from small-scale models suitable for small-scale agriculture to larger, more powerful models for commercial farming. One of the trends in the Mexican agricultural tractor market has to do with the increasing use of technology to improve productivity and efficiency. Modern tractors come with advanced features such as GPS navigation and automatic steering, as well as telematics systems that allow farmers to monitor and optimise their activities in real-time.

When it comes to selecting a tractor for Canadian farmers, environmental impact is one of the most important factors to consider. Many farmers are looking for more eco-friendly solutions, like electric or hybrid tractors, to reduce their carbon emissions and comply with stricter environmental regulations. All in all, there are many solutions available to meet the needs of all types and types of farmers in the highly competitive and diverse market of Canadian agricultural tractors. Farm tractors demand is closely linked to the economic situation in the agriculture sector. The agricultural structure, payments and various support programs have had a positive impact on the farm tractor market. The Canadian government needs to self-sustainably produce food grain in order to meet the demands of a large population. To do this, the government increases its budget allocated to agriculture and related activities. In addition, the government implements programs such as the CAP, fertilizers, electricity, and fuel subsidies.

 

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Due to the high cost of new tractors and the increasing use of advanced technologies and precision farming techniques, the demand for used and rented tractors is on the rise in Austria. Used and rental tractors are supported by several commercial and public sector entities, such as equipment dealers, rental companies, and governmental programs that provide financial assistance for the acquisition or leasing of agricultural equipment. Climate change has had a significant impact on agriculture in the United States, Mexico, and Canada. The negative impacts of climate change on agriculture in these countries present a significant challenge and will require ongoing work and expenses for adaptation and migration strategies.

Agricultural tractors play a major role in the economy of the United States. The agricultural sector contributes around 5.4% of GDP. Most of the farms in the United States rely on tractors and the agricultural tractor market is generally stable. The market is dominated by tractor manufacturers like CNH AGCO and John Deere but there are a few Austrian tractor manufacturers such as Steyr. The demand for tractors in USA is affected by several factors such as the replacement of old tractors and the adoption of new technologies and the need to increase the efficiency and production of the farm. The tractors available in the USA fall within the range of 50 HP to 100 HP, followed by above 100 HP tractors. A small part of the market is occupied by tractors under 50 HP and above 100 HP. In the relatively stable agricultural tractor market, farmers in the United States have access to a variety of international brands as well as local brands. However, the market is subject to fluctuation in terms of supply and demand as well as changes in regulation. As of 2022, there were 301,989 tractors registered.

Some of the major players operating in the North America tractor market include:

• Deere and Company
• Escorts Limited
• Tractors and Farm Equipment Ltd
• Same Deutz-Fahr Deutschland GmbH
• Kubota Corporation
• Mahindra Tractors
• Kverneland Group
• Claas KGaA mbH
• CNH Industrial NV
• AGCO Corporation

 

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“Many companies in North America are investing in the research and development department for the advancement in tractor technology, to increase the product range. In USA, the sales of tractors have increased with time and due to this, many tractor manufacturers increased the production of two-wheel drive & four-wheel drive and started to introduce new products to increase their market reach. The investment by the major tractor manufacturing companies in the development of new tractor will help to provide more option for the buyers in USA, which will further drive the North America tractor market during the forecast period, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“North America Tractor Market By Power Output (Under 40 HP, 40 HP - Under 100 HP and 100 HP & Above), By Drive Type (Two-Wheel Drive & Four-Wheel Drive), By Application (Agriculture & Non-Agriculture), By Country, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of North America tractor market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the North America tractor market.

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